Ann: Scheme Booklet registered with ASIC, page-49

Theoretically if the Reds SP drops like a red brick, and SLRs stayed around the same then it would be much easier for SLR to say something along the lines of we want a higher ratio than 1/3.43. As things currently stand the two SPs are close enough for them to say that the deal is "fair", but if the SP were to correct itself to more nominal valuations (ones that more in line with fair value within each company), then Red would basically have no choice but to offer a higher ratio (If they want the merger to go through).